City Beat October 2024: Brisbane unit boom continues as buyers line up
Brisbane’s booming unit market is going to narrowly miss out on recording 20 per cent gains over the calendar year.
However, the growth in value of units so far in 2024 is the best the Queensland capital has seen since 1988.
The value of units, which incorporates both apartments and townhouses, rose again in September, by 1.2 per cent, according to property data analytics firm CoreLogic.
Unit values in Brisbane are now up 14.8 per cent over 2024, reaching a new median value of $661,000. The returns are the second best in the country, only behind Perth, which has already seen over 20 per cent gains.
What happened in Brisbane’s off the plan apartment market in September
It was more supply woes in Brisbane, with just the one notable launch of apartments across the region, albeit the planning pipeline is getting more and more robust.
That came from Windsor where local developer Carbone Developments revealed Amado, the developer's fifth apartment development in the area.
Set across six levels, Amado offers just 30 large-scale apartments targeting owner-occupiers, with a mix of two and three-bedroom layouts, alongside two penthouses that will provide panoramic views of Brisbane’s skyline.
Carbone Developments, known for its deep connection to Windsor, has integrated the restoration of a pre-1911 heritage-listed home into the project. Construction completion is expected in mid-2026.
Read more: First look: Carbone unveil latest Windsor apartment development, Amado
Density is coming to Brisbane, just not in a hurry.
There were approved for one of Brisbane's tallest apartment buildings at 25 Mary Street.
The Koichi Takada-designed buildings will be one of Brisbane’s tallest apartment towers standing at 264 metres.
The 71-level structure, to be developed by KS Property, will feature 527 apartments and over 4,000 sqm of communal spaces, with a design inspired by natural forms, particularly the image of a tree trunk.
Read more: Plans approved for one of Brisbane's tallest apartment towers by Koichi Takada
Fortitude Valley is also expecting a rare new tower, with plans filed for a 28-level building on St Pauls Terrace, a key area bordering Spring Hill.
Designed by McFarland Architects, the tower is set to comprise 164 one, two, three and four-bedroom apartments. The 1,152 sqm of communal space incorporates a gym on the podium level and a rooftop with a swimming pool, spa, rec rec room, barbecue facilities, and various seating areas.
Just 14 one-bed apartments have been pitched. They'll feature alongside 48 two-beds, 62 three-beds, and 40 four-bedroom apartments.
Mewing said the residential breakdown delivers a diversity of housing product to cater for different life stages, needs, and living arrangements.
Read more: First look: Rare new apartment tower pitched for Fortitude Valley
Low density has been slated for Paddington, with Core Property Partners and P&MV Constructions teaming up to propose a mixed-use precinct at 208-220 Given Terrace.
The development will feature 12 luxury apartments and 31 short-stay accommodation suites.
A new pedestrian laneway will be added, enhancing connectivity and creating a civic space that celebrates the area's rich history dating back to the 19th century.
This development aims to revitalise the commercial heart of Paddington, attracting both locals and visitors alike.
Read more: First look: Paddington's Given Terrace set for luxury makeover
